S&P reduces Lowe's ratings due to policy concerns

Chicago Standard & Poor's Ratings Services cut some of Lowe's Cos. ratings Thursday, citing concerns over a potential "shareholder-friendly" policy put in place while the economy is still improving.

S&P lowered the home-improvement retailer's corporate credit and long-term debt ratings one notch in investment grade status to "A" from "A+." The company's outlook is stable.

The ratings agency said the possibility that Lowe's may buy back more shares is a sign of a more "shareholder-friendly" policy. S&P appeared concerned about the adoption of such a strategy when economic conditions are still somewhat soft in the United States.